The pairs side-way consolidation from 121.84 continued last week and outlook still remains slightly on the upside with double bottom price rejection of 115.53 and 115.82 continues to linger in the market. Initial bias stays slightly bullish this week first. On the downside, below 118.22 will bring another fall. But decline attempt should be contained by 38.2% retracement of 105.19 to 121.84 at 115.47 and rebound. Above 120.46 will bring resistance of 121.84. But break of 121.84 is needed to confirm larger up trend resumption.

In the week ahead, Friday’s U.S. employment report will be closely watched, while central banks in Australia, Canada, the U.K. and the euro zone are all to hold monetary policy meetings.